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Home | News | Secondary Market (page 20)

Fannie Mae Forecasts Economic Growth Despite Global Headwinds

“Despite mixed housing and mortgage market data, our forecast for housing activity is little changed over the past several months,” Duncan said. “The supply of existing homes remains lean amid slowing new single-family construction, putting significant upward pressure on home prices. While this helps boost home equity, it hurts affordability, especially for potential first-time homebuyers."

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Fannie Mae’s Credit Risk Transfer Initiatives Approach the Half Trillion Dollar Mark

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Fannie Mae’s credit risk transfer program, Connecticut Avenue Securities (CAS), has sold more than $12.4 billion in securities to private investors, which covers $438 billion worth of mortgage loans since the program’s inception in September 2013. Fannie Mae estimates by the end of 2015, it will have transferred a portion of the credit risk on approximately half a trillion dollars worth of single-family mortgages.

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Exposure to Risk is Declining for Fannie Mae and Freddie Mac—But So Are Revenues

The GSEs’ exposure to credit risk from mortgages originated during the years of the housing bubble continues to be “significant but declining,” according to the FHFA’s Performance and Accountability Report for Fiscal Year 2015. But in addition to experiencing a decline in exposure to credit risk, the GSEs have also experienced significantly declining revenues.

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Activists Urge White House Not to Abandon GSE Reform

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Obama Administration officials such as Treasury Secretary Jack Lew have warned in the last month that such a “recap and release” program for Fannie Mae and Freddie Mac would put the GSEs at risk of another bailout; however, the GSEs’ Q3 earnings reports showed a $475 million net loss for Freddie Mac and a decline of more than 50 percent in Fannie Mae’s quarterly net income (from $4.6 billion in Q2 down to $2 billion in Q3), prompting their boss, FHFA Director Mel Watt, to declare that they may need a bailout anyway.

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Fannie Mae, Freddie Mac Q3 Earnings Reports Fuel Bailout Speculation

The GSEs have been under FHFA conservatorship since September 2008, at which time they needed a combined bailout of $187.5 billion from taxpayers in order to stay afloat and "preserve and conserve their assets and property and restore them to a sound financial condition so they can continue to fulfill their statutory mission of promoting liquidity and efficiency in the nation's housing finance markets," according to FHFA's website.

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Freddie Mac Reports Q3 Net Loss of Nearly Half a Billion Dollars

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The loss will not cause Freddie Mac to need another draw from Treasury since it was only a fraction of the $1.8 billion net worth reserve the Enterprise has under the Preferred Stock Agreement, according to Layton. The dividends paid into Treasury by Freddie Mac remained unchanged at $96.5 billion, which is about $25 billion more than the $71 billion the Enterprise received in a taxpayer-funded bailout in 2008.

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